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ADNOC Drilling Company, a unit of Abu Dhabi National Oil Company (ADNOC), has teamed up with Alpha Dhabi to establish a JV.

Through the JV, the United Arab Emirates (UAE)-based companies aim to invest $1.5bn (Dh5.5bn) in technology-driven companies operating in the oilfield services (OFS) and energy industries.

Under the terms of the agreement, ADNOC Drilling will control a 51% stake in the new venture and the remaining 49% will be owned by Alpha Dhabi.

Alpha Dhabi is a conglomerate operating in various sectors such as healthcare, hospitality, industries and construction.

The JV will receive asset management support from Lunate Capital.

According to ADNOC Drilling, the investments made throughout the OFS and energy value chain will improve operating efficiencies, while also expanding and growing the company’s integrated drilling and OFS offering.

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An actionable pipeline of possible deals that would increase value for both shareholders will be identified by the JV, ADNOC Drilling added.

ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said: “We are excited to enter into this strategic partnership with Alpha Dhabi, that will drive further growth for ADNOC Drilling and its shareholders, enable economic diversification and support ongoing decarbonisation efforts, benefitting all stakeholders.

“The JV will invest in innovative technology, enhancing our services, while adding depth to our offering and further expanding our business.”

Alpha Dhabi managing director and group CEO Hamad Al Ameri said: “This joint venture with ADNOC Drilling marks a significant milestone in our commitment to driving growth and fostering innovation in the energy domain. Pooling our collective expertise, we are poised to unlock new opportunities, delivering sustainable value to our stakeholders.

“Diversification and innovation are critical pillars in today’s dynamic global economy. This partnership not only underscores our dedication to these principles but also positions us to significantly boost the UAE’s domestic growth, laying the foundation for sustained national prosperity.”

Last week, ADNOC made a fresh bid to acquire a controlling stake in Brazilian petrochemical company Braskem.

The UAE Government-backed company is actively looking for opportunities in liquefied natural gas, renewable energy, gas and petrochemicals.